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Provider Lifecycle Management Market Report 2024 - Future Challenges, Growth Opportunities, Upcoming Trends And Forecast To 2033
Provider Lifecycle Management Market
As per the report, the provider lifecycle management market size has grown rapidly in recent years. It will grow from $1.56 billion in 2023 to $1.84 billion in 2024 at a compound annual growth rate (CAGR) of 17.6%. The provider lifecycle management market size is expected to see rapid growth in the next few years. It will grow to $3.53 billion in 2028 at a compound annual growth rate (CAGR) of 17.8%.
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Impact Of Increasing Hospitalization Rates On Provider Lifecycle Management Market Growth
The increasing hospitalization rates are expected to propel the growth of the provider lifecycle management market going forward. The hospitalization rate refers to the proportion of individuals in a population who are admitted to a hospital for treatment over a specified period. The increasing hospitalization rates are due to factors such as an aging population, the rising prevalence of chronic diseases, and the impact of infectious disease outbreaks. Provider lifecycle management facilitates efficient management of healthcare professionals' onboarding, credentialing, scheduling, and compliance processes within hospitalization settings. For instance, in February 2023, according to the Canadian Institute for Health Information (CIHI), a Canada-based independent, not-for-profit organization, between 2021 and 2022, Canada experienced nearly 2.9 million acute inpatient hospitalizations, marking an increase from the 2.7 million recorded in the previous year of 2020-2021. Therefore, the increasing hospitalization rates are driving the growth of the provider lifecycle management market.
Innovative Solutions Driving Efficiency In Provider Lifecycle Management
Major companies operating in the provider lifecycle management market are focused on developing innovative tools that work on models such as shared data models to streamline provider management. A shared data model refers to a unified system or database where information about healthcare providers is stored, managed, and accessed by multiple stakeholders within an organization or across different entities. For instance, in May 2023, RLDatix, a UK-based healthcare technology company, launched an Integrated Credentialing and Payer Enrollment Tool, a solution that offers automated workflows, real-time status tracking, and centralized data management. By bridging the gap between enrollment and credentialing processes, the tool promises to reduce costs and improve efficiency. Through a shared data model, it facilitates direct connections between verified practitioner records and payer enrollment tasks, eliminating duplicative data and enhancing accuracy.
The provider lifecycle management market covered in this report is segmented -
1) By Solutions: Recruitment, Credentialing, Online Application, Contracting, Data Management, Finder Services
2) By Deployment: On-Premises, Cloud-Based
3) By End User: Hospitals, Laboratories, Clinics, Ambulatory Surgery Centers
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Major companies operating in the provider lifecycle management market are Broadcom Inc., Infosys Limited, DXC Technology Company, Wipro Limited, Virtusa Corporation, Dassault Systemes SE, PTC Inc., Pegasystems Inc., WNS Limited , Appian Corporation, Hinduja Global Solutions Ltd, Symplr, RLDatix, VerityStream, Unqork Inc., Newgen Software Technologies Limited, Digital Harbor Inc., Simplify Healthcare Technology, Gaine Solutions., Virsys12 LLC, VersionOne
Contents of the report:
1. Executive Summary
2. Provider Lifecycle Management Market Report Structure
3. Provider Lifecycle Management Market Trends And Strategies
4. Provider Lifecycle Management Market - Macro Economic Scenario
5. Provider Lifecycle Management Market Size And Growth
…..
27. Provider Lifecycle Management Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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